The festival’s impact on the Charleston-area economy totaled $10.7 million in 2013 compared with $8.6 million last year.

The College of Charleston’s report showed increases in attendance, out-of-town guests and total spending over last year. The report found 23,000 guests attended the festival, held Feb. 28 to March 3, representing an 8% growth in attendance. Out-of-town guests also spent $50 more per person this year.

“This year’s festival brought in an additional 700 out-of-town guests compared to the 2012 festival which led to a significant jump in overall economic impact,” said Wayne Smith, associate professor at the College of Charleston’s School of Business.